It would seem that there has been a recent change to the “3”. I use this view all the time and I feel like something was really different today. That said, I didn’t see a software update, so I am not sure how it would have changed. Anyway, here’s what I experienced:
the view was more mobile (origin seemed to move more, i.e., wasn’t pinned to the avatar’s head location). Especially on downhills. At high speed it seemed like the camera moved further back (like the “1” or “2” view does).
the camera seems to be rearward about a bike length (from the avatar’s head). This has the effect of making you feel you are further back from the wheel in front than you actually are. Flipping between “2” and “3” confirmed this. The effect is that you think you are losing the wheel and put down more power to close the gap. This actually pushes you ahead of the bike in front and into the wind!
I would also see a disembodied taillight on screen in the location it would be if I was in “2” view. Obviously, it shouldn’t be visible in the “3” view as it would be behind the camera.
This makes the “3” view pretty worthless because it doesn’t reflect your actual position relative to other riders.
I’ll work on getting some screenshots or video capture from mobile.
For what it’s worth after my post it stopped happening. Then it came back today during Pace Partner rides and the ZHR Master Race (12:30 MT).